A row of four 2-storey South Bridge Road conservation shophouses with attic, along 211 to 217 South Bridge Road in Chinatown, is up for sale at an undisclosed price
- JLL presents for sale 211 to 217 South Bridge Road conservation shophouses – a row of four 2-storey properties with attic located in the Chinatown district and a stone’s throw from Raffles Place.
JLL announced on June 30 that it is proud to present for sale 211 to 217 South Bridge Road – a row of four 2-storey South Bridge Road conservation shophouses with attic located in the Chinatown district and a stone’s throw from Raffles Place.
Image: JLL – South Bridge Road conservation shophouses up for sale at an undisclosed price
JLL is the exclusive marketing agent for the row of four 2-storey South Bridge Road conservation shophouses with attic.
Boasting a prominent 20-metre wide main road frontage, the row of four 2-storey South Bridge Road conservation shophouses with attic occupies a combined land area of 4,120 sf and has an approximate built-up of 8,850 sf. Under the 2019 Master Plan, the site is zoned “Commercial” and is located within the Telok Ayer Conservation Area. 211 – 217 South Bridge Road (the “asset”) currently has F&B approval on the ground floor and a backpackers’ hostel approval on the upper floors.
There is excellent accessibility to the row of four 2-storey South Bridge Road conservation shophouses with attic with Chinatown MRT interchange being located within a short 180-metre walk away. Additionally, the asset is also within close proximity to Telok Ayer MRT station and the upcoming Maxwell MRT station.
Rich in heritage and culture, Chinatown is one of the key heritage districts of Singapore and remains a popular place of attraction highly frequented by tourists and locals alike. Not only housing an abundance of retail, entertainment and F&B offerings, Chinatown is also home to several heritage attractions including the Buddha Tooth Relic Temple & Museum amongst others.
Ms. Carin Puah, Senior Director, Capital Markets, JLL, said: “With Singapore’s steadily increasing visitor arrivals over recent years, investors are increasingly interested in properties with hotel and hostel approvals, which are relatively rare. 211 – 217 South Bridge Road offers a rare opportunity to acquire a row of four conservation shophouses with hostel and F&B approval in a bustling tourist destination.”
Good growth in the area can be expected with an upcoming 20-storey hotel situated directly behind the row of four 2-storey South Bridge Road conservation shophouses with attic, further boosting F&B and retail demand in the area. The hotel site was sold via a Government Land Sales exercise in 2019 at a record price of $2,149 psf ppr.
With the asset’s excellent location and attributes, including a stable rental income and regular and efficient layout, we expect to receive strong interest from both investors and end-users.
As the row of four 2-storey South Bridge Road conservation shophouses with attic sits on land zoned for commercial use, foreigners are eligible to purchase the asset. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the asset.
The sale of the row of four 2-storey South Bridge Road conservation shophouses with attic will be conducted through an Expression of Interest exercise which closes on Tuesday, 5th August 2020 at 3.00 p.m.
Mr Paul, chief mortgage officer at iCompareLoan, said that “although the Covid-19 circuit breaker makes real estate sales difficult at the moment, the South Bridge Road conservation shophouses is in a good location and is hard to come by.” Mr Ho believes smart investors who are flush with cash, will resort to value hunting instead of choosing residential properties which are still selling at unbelievable prices.
Mr Ho added that given the land scarcity in Singapore, demand for commercial properties in Singapore will continue to rise over the long term. He pointed out that Singapore continues to be a global financial centre and a trade hub with high livability scores – all of which attracts high net worth investors to the Republic. All these factors will inevitably fuel demand for commercial property in Singapore he added.
Mr Ho believes that value buys in the property market right now are are landed inter-terrace houses which’s per square feet price on the built-up area is usually less than $1,000 and commercial properties. But Mr Ho cautioned that the bigger challenge for buyers of commercial property is securing the best commercial loans.
“With the right loan, the buyer can save thousands, if not tens of thousands of dollars,” he said. Adding, “which is why they would have to work with established mortgage brokers who can provide them free service.”
South Bridge Road is a major road in Singapore, running south of the Singapore River in Chinatown. It starts at Elgin Bridge and ends at the junction of Neil Road, Tanjong Pagar Road and Maxwell Road. The road, built by convict labour in 1833, started at the south of Thomson Bridge (now Elgin Bridge) from which it took its name. It is an extension of North Bridge Road which starts from Crawford Street to the north of Elgin Bridge.
After 1993, most of the bus routes are diverted via Upper Cross Street and New Bridge Road since 20 March 1988, and currently, only bus services 61, 80, 145, 166 and 197 plies through the South Bridge Road and Neil Road/Tanjong Pagar Road. The Chinese call the road ta ma lo or “great horseway” as well as chat bok koi or “paint wood street”. “Paint wood street” refers to where there is a police court and the river.
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